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Top Ways to Increase Customer Retention

Customer retention is a huge part of a successful company; without retaining a high number of clients, your company could be at risk of falling short. Businesses need to take a more proactive approach to looking after and keeping their customers. While securing new business is a high priority, many companies forget the importance of retaining that business for the future and building a positive customer relationship. With so many companies now in competition and offering the same thing, it’s important that you find the right strategies so that your customers don’t leave you!

Growing a sustainable business should include customer retention strategies along the way. According to Harvard Business School, increasing your customer retention rates by as little as 5% could increase profit anywhere from 25% to 95%. It’s hard to retain customers if they aren’t paying attention, so here are a few ideas to set you off on the right track.

Stand For A Cause

In a world where we’re all much more aware of the concept of charity and looking after the world we live in, you have a real chance of resonating with your customers if you are supporting a cause.

Brands that are seen to support a charitable cause, or even just have clear values as a company, are more likely to share similar values to their customers. This can be incredibly good for business, as customers continue to associate themselves with you. Loyal customers will come from a genuine connection over a mutual interest. Besides, standing for a cause means that you are undertaking your responsibility to do your bit for the community or environment too.

Building on your credibility as a company, your brand becomes trustworthy and one that is attractive to customers.

Demonstrate Your Achievements

It’s good to shout about your latest product or the fact that you’ve reached your 10,000th sale. If anything, this captures just how successful you are as a company and might even instil trust in your customers in the process.

In other words, paint yourself as an expert in your field. Becoming your customer’s trusted advisor on all things in your industry can result in a more positive relationship than ever before, with your customers automatically knowing they can turn to you in times of need.

By creating excitement around your products and services, via your marketing channels, you can remind existing customers that you’re still there and still providing solutions that they need.

Know Your Audience

While it may seem like an obvious strategy, but understanding who your customers are could go a long way. A personalised experience for your customers can prove that your company not only cares but pays attention too. Through positive customer service including the likes of personal corporate gifts, you can show existing customers that they are appreciated. You might even find that this is most powerful when it’s unexpected.

Corporate gifts can also help to maintain a smoother customer relationship, and even act as a tool of persuasion should the opportunity arise. So, next time you’re thinking of the best way to look after your customers to guarantee their future business, you may want to consider a few of these strategies.

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The idea for Small Business Can comes from an Ulster Bank initiative when we went and talked to hundreds of businesspeople and asked them about the types of business supports they most valued. The majority said that they valued the insights of other businesspeople the most. We came up with smallbusinesscan.com, a site run by businesspeople for businesspeople. Read more...